At a Price for Which the Quantity Supplied Exceeds the Quantity

question 103

Multiple Choice

At a price for which the quantity supplied exceeds the quantity demanded,a __________ is experienced,which pushes the price __________ toward its equilibrium value.

• A) surplus; downward
• B) surplus; upward
• C) shortage; downward
• D) shortage; upward

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Definitions:

Concrete Operations Stage

Piaget’s third stage of cognitive development, in which the school-age child becomes capable of logical thought processes but is not yet capable of abstract thinking.

Logical Thinking

The process of using rational, systematic steps based on sound reasoning to arrive at a conclusion.

Abstract Thinking

The cognitive ability to understand concepts that are not based on physical reality but rather on ideas or qualities.

Pregnant Women

Refers to females who are in the process of carrying a developing embryo or fetus within their uterus.